In the past 24 hours, Bitcoin surged over 9% to reach $68,785.95, coming within 2% of its all-time high of $68,789.63, achieved on November 10, 2021.
Bitcoin extended its rally by another 9% to approach its all-time high levels. While the largest crypto asset didn't quite reach new record levels, industry observers anticipate that new highs are imminent due to renewed interest in the digital token as an asset class.
According to Coinmarketcap, Bitcoin surged over 9% to reach $68,785.95 in the past 24 hours, coming within 2% of its all-time high at $68,789.63, achieved on November 10, 2021. Bitcoin's total market capitalization surpassed the $1.33 trillion mark.
Currently trading just below $68,000, Bitcoin approached its all-time highs in the past 24 hours, with institutional participation via spot BTC ETFs and investor anticipation ahead of BTC halving driving its price performance, noted Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.
Chaturvedi added, "With the halving still ongoing, we may witness Bitcoin prices reaching even higher levels and setting new records before retracing and continuing its ascent." However, he cautioned about the rise of retail FOMO in the crypto market, which may have led to speculative buying.
The total global crypto market capitalization has increased by approximately 5.5% to surpass the $2.5 trillion mark. The total crypto market volume over the past 24 hours stands at $196.11 billion, marking a 77.24% rise in the period. Bitcoin's dominance has risen by 0.27% and currently stands at 52.59%.
Bitcoin has surged by more than 50% in the past month and over 150% in the last six months, with a further 20% increase recorded in the previous week alone.
This notable momentum has propelled Bitcoin to yet another significant milestone. According to Edul Patel, CEO at Mudrex, the prevailing market sentiment is positive, driven by factors such as institutional demand, the growth of spot Bitcoin ETFs, and the forthcoming halving event. Patel expressed confidence, stating that Bitcoin is poised to surpass its all-time high imminently.
Spot BTC ETFs reported their second-highest daily volume on record, reaching $5.5 billion in shares traded, as per data from Bloomberg. BlackRock’s IBIT ETF accounted for $2.4 billion in volume alone, contributing to its asset under management (AUM) soaring to $11 billion.
An IntoTheBlock study suggests a 5% year-to-date increase in the number of whales holding at least 1,000 Bitcoins, while 97% of all Bitcoin addresses currently reflect profitability, indicating a surge in demand.
Sumit Gupta, co-founder at CoinDCX, emphasized the resurgence in the market, attributing it to Bitcoin's record-breaking prices and significant institutional investment. Gupta underscored the role of established cryptocurrencies like Bitcoin and Ethereum in driving this rally, contrasting them with meme coins experiencing short-term surges driven by FOMO. He emphasized the pivotal role of institutional adoption in fueling the ongoing crypto rally.
Disclaimer: Business Today offers stock market news solely for informational purposes and should not be interpreted as investment advice. Readers are urged to seek guidance from a certified financial advisor before making any investment decisions.
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